GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

As required, the Company performs an annual impairment test of goodwill as of the end of October, or more frequently if events or circumstances change that would more likely than not reduce the fair value of its reporting units below their carrying value.

The following table presents changes to goodwill during the three months ended March 31, 2024:


	Total		Industrial Powertrain Solutions		Power Efficiency Solutions		Automation & Motion Control
Balance as of December 31, 2023	$	6,553.1	$	3,747.0	$	753.9	$	2,052.2






Acquisitions	(5.1)		(5.8)		—		0.7
Translation Adjustments	(41.8)		(20.1)		(2.2)		(19.5)
Balance as of March 31, 2024	$	6,506.2	$	3,721.1	$	751.7	$	2,033.4

Cumulative Goodwill Impairment Charges(1)	$	223.6	$	18.1	$	200.4	$	5.1

(1) Excludes impairment charges related to Industrial Systems.

Intangible Assets

Intangible assets consist of the following:


		March 31, 2024						December 31, 2023
	Weighted Average Amortization Period (Years)	Gross Value		Accumulated Amortization		Net Carrying Amount		Gross Value		Accumulated Amortization		Net Carrying Amount
Customer Relationships	15	$	4,000.8	$	804.6	$	3,196.2	$	4,028.5	$	746.2	$	3,282.3
Technology	13	300.3		97.5		202.8		302.6		92.9		209.7
Trademarks	10	705.5		138.7		566.8		712.1		120.7		591.4



Total Intangibles		$	5,006.6	$	1,040.8	$	3,965.8	$	5,043.2	$	959.8	$	4,083.4

Amortization expense recorded for the three months ended March 31, 2024 was $86.7 million. Amortization expense recorded for the three months ended March 31, 2023 was $46.3 million. Amortization expense for 2024 is estimated to be $348.7 million.

The following table presents future estimated annual amortization for intangible assets:


Year	Estimated Amortization
2025	$	346.8
2026	343.5
2027	343.4
2028	343.4
2029	341.3